With the much-publicised closure of Holden’s manufacturing operations in South Australia, between 40,000 and 80,000 employees will become eligible for a company-subsidised financial advice consultation as part of their redundancy packages.
An email from a Holden corporate administration executive, seen by ifa, confirms that the AIOFP won the successful tender process for the provision of “financial services” to redundant employees.
AIOFP members who are accredited with the association’s Certified Financial Strategist (CFS) program will now be eligible to receive $300 from Holden to be put towards sessions, with the first of these seminars taking place in recent weeks.
Peter Johnston, the association’s founder and executive director, said the non-aligned structure of his members was a clincher in securing the deal.
“We believe the qualities of the CFS designation was the critical point of difference in our tender document,” Mr Johnston said.
“The choice of either institutional or industry fund financial planners with their obvious product bias and conflicts compared to an independently-owned financial strategist with a tertiary education, non-conflicted research, ASX experience and a minimum of 3 years’ field experience created a compelling advantage for the AIOFP.”
and minimum of 3 years experience? so they seek newbies with some asx experience. Where was value of CFP considered? Sounds like we will hear more in the future
Independent? As in resells a product with margin for the dealergroup independent?
Did they look at how few advisers are actually on the ground to help with this? Seems like they did a deal that results in Holden paying for bugger all people to actually get in front of a planner.
Apparently Bill Shorten was the go between.
May be worth exploring the links AIOFP have with unions, the links Holden has with unions and joining the dots.
Well done Holden for seeing the importance that independence presents in advice.
‘Certified financial strategist’ ‘ASX experience’ good grief. Cash in Peter whilst the industry is in crisis.
Perhaps you should buy Jackie a lunch … she’s made your poxy association viable for another 12 months